Firms offering “buy now, pay later” (BNPL) financing will become part of the regulated financial services sector in the U.K. from July 15. Compliance teams must act now to ensure they are ready to introduce rules, including Consumer Duty, and establish creditworthiness assessment processes, adapt systems, and change data processes before the deadline. 

Ruth Prickett graduated from Cambridge University with a BA hons in History and has specialized in business and finance journalism for the past 20 years. She was editor of Financial Management, the magazine...